The microeconomics of mineral extraction under capacity constraints |
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| Authors: | Robert D Cairns |
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| Institution: | (1) Department of Economics, McGill University, 855 Sherbrooke Street West, H3A 2T7 Montreal, Canada |
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| Abstract: | The mineral investment decision under certainty is discussed in the context of broad microeconomic features of the industry,
the central one being that production is constrained by capacity. The assumptions of the economic literature on natural resources
are evaluated in the context of these features and the assumptions that permit the modeling of such facts are examined. Several
characteristics of extraction and equilibrium, and some implications of uncertainty, are considered. |
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| Keywords: | Mineral economics capacity Hotelling’ s rule economies of scale uncertainty |
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